Next week's macro outlook: CPI data will test the Fed's patience, and gold will welcome directional signals

According to Ha Shi Chain, this week, the major US stock indices rose, with the S&P 500 and Dow Jones reaching multi-month highs due to better-than-expected non-farm payroll data easing economic concerns. At the same time, Tesla's stock price rebounded from a significant drop on Thursday, and technology stocks continued to rise. However, as of June 4, US stock funds experienced capital outflows for the third consecutive week due to ongoing concerns about US trade policy. In the commodities sector, gold prices saw a significant drop on Thursday and Friday, but overall increased this week, closing at $3311.68 per ounce. Notably, although the US added slightly better-than-expected non-farm payrolls in May, Trump again pressured the Federal Reserve on social media, urging it to cut interest rates by 100 basis points. Here are the key points the market will focus on in the new week: 1. Monday 09:30, China's May CPI annual rate; 2. Monday 22:00, US April wholesale sales monthly rate; 3. Monday 23:00, US May New York Fed 1-year inflation expectations; 4. Tuesday TBD, China's May M2 money supply annual rate; 5. Tuesday 14:00, UK's April three-month ILO unemployment rate, May unemployment rate, May jobless claims; 6. Tuesday 15:10, ECB Governing Council member Villeroy speaks; 7. Tuesday 18:00, US May NFIB small business optimism index; 8. Wednesday 20:30, US May CPI data. 9. Wednesday 22:30, US EIA crude oil inventory, Cushing crude oil inventory, Strategic Petroleum Reserve inventory as of the week ending June 6; 10. Thursday 14:00, UK's April three-month GDP monthly rate, manufacturing output monthly rate. 11. Thursday 14:00, UK's April seasonally adjusted goods trade balance, industrial output monthly rate. 12. Thursday 20:30, US initial jobless claims for the week ending June 7, US May PPI. 13. Friday 14:00, Germany's May CPI monthly rate final value. 14. Friday 14:00, France's May CPI monthly rate final value. 15. Friday 22:00, US June one-year inflation expectations preliminary value, US June University of Michigan consumer sentiment index preliminary value. The US May CPI report released next Wednesday will test the market's optimism about interest rate cuts, as it may show a stagnation in the recent downward trend in inflation. In terms of other economic data, the UK will release the three-month employment report ending in April next Tuesday, and the market will watch for signs of further layoffs.